Food Industry News

"The Seventh Continent" need to recognize bankrupt

Retail chain "The Seventh Continent", whose revenue declines for the third consecutive year, want to recognize bankrupt. The company "Olympus agro", which bought the rights to the debt of one of the suppliers of the retailer, filed for insolvency, "Seventh Continent" in three days after a court ordered the network to pay the "Olympus agro" 1,9 million rubles.

The Moscow Arbitration Court registered the application of Olimp Agro LLC for the bankruptcy of OAO Seventh Continent (operates the same retail network), followed by a file of arbitration cases. The lawsuit was filed on November 24. In late September, the court already ordered "The Seventh Continent" to pay "Olympus agro" 1,9 million rubles. (The plaintiff claimed a claim for recovery of about 3 million rubles), 21 November, this decision was confirmed by the 9 Arbitration Appeals Court, the case materials. Owner of the "Seventh Continent" Alexander Zanadvorov in the course of the claim "Olympus agro", but does not understand its nature. "We will comply with the court's decision to pay 1,9 million rubles. "Olympus agro" after we are presented with a writ of execution, "he told Kommersant. Contact on Friday with "Olympus agro" failed, but the court records indicate that the company received the demand for debt in March under a cession agreement from OOO Titan Logistics, which, in turn, received these rights in February from ZAO TK "Adamant"".

In total in 2016 year to "The Seventh Continent" 146 suits for a total sum of 527 million rubles are submitted, follows from data Mr. Zanadvorov clarifies that the actual amount of legal claims against the company is about 80 million rubles. "The company pays all its obligations within the terms provided by the contracts, in case of disagreement - by a court decision," he asserts.

Partner Law Office "Olevinsky, Buyukyan and partners" Dmitry Terentyev believes that before the actual bankruptcy of the retailer is unlikely to reach. "Probably, so the plaintiff expects to receive as soon as the debt can be based on the fact that the declaration of bankruptcy may hit the reputation of the retailer, what the latter is not interested," - says the lawyer. However, the expert continues, if the "Seventh Continent" does not agree with the decision of the court, nothing prevents the retailer to file an appeal and ask for the suspension of execution of the decision.

The revenue of the "Seventh Continent" is declining from 2013 year, when the retailer lost 4% of turnover (it amounted to 60,34 bn. Rub.), According to the results of the "SPARK-Interfax" database. Last year, the decline accelerated to 15,4%, revenue amounted to 45 billion rubles., Calculated in Infoline. According to the company, from 1 January on 1 May 2016, the number of network stores decreased from 155 to 136. At the same time, the company remains profitable, according to SPARK-Interfax, in 2015 the net profit of the retailer amounted to almost 360 million against 8,5 million rubles. in 2014 year.

In June of this year, Kommersant reported that since the beginning of the year, 87 suits totaling 408,4 million rubles have been filed to the "Seventh Continent". Then the suppliers noted that problems with the payment of goods from the retailer began to appear at the end of 2015 - the beginning of 2016 year. Alexander Zanadvorov reassured that there are no risks for the operating activities of the network, as the company has no loans and other debts, except for debts to suppliers, and rents premises only from the parent structure of MKapital. At 23 June this year, the total debt of the network to suppliers was 3,5 billion rubles, which is equal to the commodity balances and corresponds to less than 2% of the value of the MKapital assets, Mr. Zanadvorov said.

See also ... 04 / 04 / 2013 Retailers change places in the ranking of the largest products on the networkNNXX / 23 / 06 “The Seventh Continent” sues 2016 / 19 / 11 “The Seventh Continent” received five years2013 / 23 / XNUMT / 09 “The Seventh Continent” was fined for selling expired products and rotten vegetables. Our hypermarket "and" The Seventh Continent 2013 / 5 / 13 “The Seventh Continent” came out of the Cyprus offshore12 / 2013 / 16 “Seventh Continent” suppliers are calling out the 01 / 2014 / 30 code. The net profit of the “Seventh Continent” has fallen to 08% XNXXXXXUM2016 / 15 11 / 2013. fake symbols of the Olympiad20 / 08 / 2014 “The Seventh Continent” is not needed ProStore17 / 12 / 2013 “The Seventh Continent” is resetting the bank. To reanimate store banking in a trading network try Sovcombank07 / 03 / 2014 "The Seventh Continent" engaged in self-treatment

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